Singapore possesses what the rich desire even more than cars and caviar – cryptocurrency. The glittering skyline of Singapore, one of the richest cities in the world is often also a reflection of all the things that the rich can’t get enough of.

From marinas stuffed with superyachts that there are waiting lists for berthing, to the highest number of super cars per capita, Singapore has all the toys, pleasures and entertainment that the rich are looking for. And if the latest World Wealth Report by Capgemini is anything to go by, Singapore possesses what the rich desire even more than cars and caviar – cryptocurrency.

According to the Capgemini report published two days ago, even though cryptocurrencies shot to prominence in 2017, the wealth management industry has been reticent to service their clients with access to the digital assets. Of the high net worth individuals (HNWIs) surveyed by Capgemini, over half of respondents were interested in investing in and more importantly “holding” cryptocurrencies, with almost a third globally expressing a “high degree of interest.” According to the report, “Cryptocurrencies’ potential for investment returns and potential as a store of value are driving HNWI interest.

Globally, 39.3% of HNWIs said investment return was the primary reason they would hold or purchase cryptocurrencies, while 19.3% cited the potential as an alternative store of value.” While the “legacy” rich are starting to look into cryptocurrencies. The boom in initial coin offerings (ICOs), an alternative means of raising finance by issuing digital tokens for use on a company’s platform as well as the soaring value of cryptocurrencies has minted an entirely new category of HNWIs, dubbed aptly as the “crypto-affluent.” In their wake, an entire industry has sprung up over night to service this new demographic and cater to their every whim, from Lambos to luxury properties, there’s no request too big for those with bags of Bitcoin.

Over half of the globally well-heeled, or high net worth individuals, defined as those with investable assets over US$1 million are interested in investing in cryptocurrencies. Companies such as Singapore-based Aditus, a decentralized luxury payment gateway that acts as a bridge for luxury merchants and crypto-affluents are empowering this new class of HNWIs to purchase the objects and sometimes the investments of their desire. Read more from…

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